Cooperation agreement between CIG Pannonia Group and Euroleasing
Following the agreement with Hungarian Bankholding Group, the CIG Pannonia Group has also concluded a twenty-year strategic cooperation framework agreement with its integrated leasing subsidiary, Euroleasing Ltd.
Under the agreement, CIG insurance products will soon be directly available to the nearly 100,000 customers of Euroleasing Ltd., including credit insurance, as well as various property insurance and casco schemes. In February 2022, the CIG Pannonia Group signed a strategic agreement with Hungarian Bankholding Ltd., the owner of Euroleasing Ltd., under which more than 2.2 million retail customers have access to pension, accident and life insurance, health insurance, credit insurance and home insurance products in all branches of MKB Bank and Takarékbank. Through the cooperation with Euroleasing, the insurance company covers the majority of retail customers' insurance needs.
"This agreement is a significant professional milestone for CIG Pannonia Insurance, as it brings us closer to achieving one of our strategic goals: to become, through continuous growth, a stable, dominant player in the Hungarian insurance market as the direct insurer of the new superbank. We provide our customers and partners with a high-quality service that supports our strategy of creating the basis for a long-term predictable revenue and dividend policy for our investors and owners", said Zoltán Polányi, CEO of CIG Pannonia Insurance in connection with the announcement.
„We at Euroleasing are constantly looking for solutions to provide our customers with a higher quality of service. Through the agreement with CIG Pannonia Insurance, we are able to offer our customers tailor-made insurance products that are perfectly matched to our individual financing schemes, which is another big step towards serving the needs of our customers in the most optimal way.”
CIG Pannonia Group
The strategic objective of CIG Pannonia is to develop a simple and easy to sell innovative portfolio of products and services tailored to the real needs of the Hungarian market, while having a focused product portfolio in the bank insurance market. The cornerstone of the strategy of CIG Pannonia, announced last year, is to become a reliable composite insurer with a life and non-life product portfolio over the next five years, with a dominant size and a stable background. This ambition is strongly supported by the current agreement. A key pillar of the 5-year growth strategy of CIG Pannonia Group adopted last year was the signing of contracts with Hungarian Bankholding and its member companies, MKB Bank Plc., Takarékbank Ltd. and Budapest Bank Ltd.
Euroleasing is a leading player in the Hungarian leasing market, providing a full range of financing services for the purchase of passenger and commercial vehicles, agricultural machinery and industrial equipment. Since January 2022, as part of Hungarian Bankholding, the four leading players in the leasing market, MKB-Euroleasing Car Leasing Ltd., the Car Finance Division of Budapest Bank, Budapest Leasing Ltd. and Takarék Leasing Ltd. operates jointly under a single management under the name Euroleasing. Serving both companies and individuals, Euroleasing has a nationwide network.